Monday, December 6, 2010

Financial IQ: Pacquiao on how to improve Philippine Economy

LAS VEGAS - DECEMBER 3:  Boxer Manny Pacquiao ...Image by Getty Images via @daylife
Financial IQ Philippines Quick Hit(s):

Maybe boxers can be better than actors/actresses in politics. :)


BDO Universal Bank Chairman Teresita “Tessie” Sy-Coson remarked upon seeing the popular boxer Manny Pacquiao wearing a dark suit and tie: “I’m not used to seeing Pacquiao wearing a suit. He’s very popular.”


My questions for Pacquiao weren’t about the possibility of his boxing fights against elusive British champion Floyd Mayweather, Jr. or Mexican champion Juan Manuel Marquez, but about the most important fight of the Philippines: against massive poverty and underdevelopment and economic issues. I had to clarify that those weren’t trick questions, since I saw Pacquiao’s handler or assistant seated beside him looking surprised when I asked in Tagalog: “Congressman Pacquiao, what are your suggestions that we should focus on or reforms needed to improve the Philippine economy?”


Manny Pacquiao looked a bit surprised and paused to think for a while, then replied, also in Tagalog: “We should invite more people to come to the Philippines, and I’m willing to help there.”


This writer asked Pacman to clarify: “Are you referring to the need to welcome more tourists or foreign investors?”


Congressman Pacquiao smiled: “Yes, that’s what I meant, we really need to have more foreign tourists and foreign investors come to the Philippines.”


My follow-up question was: “What should we do or what reforms are needed for the Philippines to woo more foreign investors?” Before Congressman Pacquiao was able to answer, his somber-looking handler said he had to make a cell phone call and handed him a mobile phone which ended my exclusive interview as seemingly a hundred cameras clicked away at us. You have to give it to Manny Pacquiao: he hit the bull’s eye with his simple yet direct reply — yes, the way to modernize the Philippine economy and accelerate progress is to find ways to attract more tourists and investors.



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